10 things you need to know on Tadawul today

Here are a few things you need to know as Saudi stocks start trading on Sunday.

1) Saudi Aramco's initial public offering (IPO) is likely to take place by late 2020 or early 2021, Crown Prince Mohammed bin Salman told Bloomberg. In addition, the Kingdom does not plan to introduce any new taxes until 2030, as it already applied a value-added tax and corrected power and fuel prices, he added.

2) The Saudi British Bank (SABB) and Alawwal Bank entered into a binding merger agreement. The banks also agreed on appointing Lubna Olayan as the chairperson of the merged entity.

3) Saudi British Bank (SABB) and Alawwal Bank’s merger goes in-line with Vision 2030’s economic and capital market reforms,  Finance Minister Mohammed Al-Jadaan told  Al-Eqtisadiah newspaper.

4) Saudi Arabia will invest $20 billion in the next few years to maintain and expand its spare oil production capacity,  said Energy Minister Khalid Al-Falih.

5) Standard & Poor’s Global Ratings affirmed Saudi Arabia’s long- and short-term ratings at “A-/A-2” with a stable outlook.

6) Almarai named Alois Hofbauer as the new CEO in place of Georges P. Schorderet from April 2019.

7) Saudi Electricity Company appointed Fahad Al Sudairy as CEO in place of Ziad Al-Shiha, who resigned citing personal reasons. 

8) Saudi Arabia’s Communications and Information Technology Commission fined the Kingdom’s three major telecom service providers for violations.

9) Saudi Cable Co. has fully offset its accumulated losses through its recent capital cut.

10) The Capital Market Authority directed the Saudi Stock Exchange (Tadawul) to post a quarterly report on listed companies’ ownership in subsidiaries and affiliates.